According to a new study by TMR, the sales of phycocyanin are estimated to reach ~11 million metric tons in 2019. Growth of the phycocyanin market remains driven by a slew of aspects, which range from increased market demand for clean label products and changing regulations in the food and beverage industry, to growing awareness among consumers.
Phycocyanin is available in various grades and forms. Phycocyanin is a blue pigment extracted from the blue-green algae – spirulina. Phycocyanin belongs to the phycobilli protein group, used primarily as a colorant in various food and beverage products in the global market. Phycocyanin Market is anticipated to grow at a rate of ~7% over the period of 2019-2029. Phycocyanin is available in organic and conventional nature.
Due to the increasing prevalence of diseases and foodborne allergies, consumers are preferring healthy and clean label ingredients for consumption. Consumers highly care for the provenance of the food and beverage products that they consume. This is creating a trend for organically-produced ingredients and food products. This trend is not only limited to food products but is also being seen in cosmetic products. As a result, organically-produced phycocyanin is witnessing increased demand from consumers and manufacturers alike.
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Health Benefits and Nutritional Contents Associated with Phycocyanin
Phycocyanin, extracted from the blue-green algae, used primarily as a food and beverage colorant, has numerous health benefits. Phycocyanin has been reported to have anti-oxidant, anti-inflammatory, anti-cancer, and immune improving characteristics. The use of phycocyanin for reducing cancer cell growth is being studied. However, other claimed health and nutritional benefits associated with the consumption of phycocyanin are likely to attract the attention of consumers, bolstering the demand for phycocyanin.
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Increasing Consumption of Colored and Flavored Beverages
Increasing research and development spending has enabled various novel product launches in the global food and beverage market. New colored and flavored beverages are gaining momentum in the global market, due to increased demand from the younger generation. The use of phycocyanin in flavored and colored beverages provides blue color to the end product with enhanced functional property as well. Due to the increased consumption of beverage and food products, the demand for phycocyanin is also increasing in the global market.
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Global Phycocyanin Market: Competitive Landscape
Some of the key players in the global phycocyanin market are Cyanotech Corp., Chr. Hansen Holding A/S, DIC Corporation, Naturalin Bio-Resources Co., Dongtai City Spirulina Bio-Engineering Co., Ltd., GNT Holding B.V., Fuqing King Dnarmsa Spirulina Co., Ltd., Sensient Technologies Corp., Fraken Biochem Co., Ltd., Parry Nutraceuticals Limited, Döhler GmbH, Naturex S.A., Ltd., Far East Bio-Tec Co., Ltd., DDW Inc., and others.
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TMR has followed the C19-TREND approach for conducting a comprehensive analysis on the trends and changes in the food and beverage sector due to the COVID-19 outbreak. Each factor is analyzed with scrutiny. These points have been compiled in the report and will assure great assistance to the stakeholders and CXOs in developing sound business strategies.
Some C19-TRENDs that TMR has focused upon while analyzing the food and beverage sector are as follows:
Culinary Tourism
With the COVID-19 outbreak limiting the number of traveling and dining opportunities for individuals, many opt to experience the fun of a restaurant or destination at the comfort of their homes. Ready-to-drink beverages are being focused upon to enable the consumers to feel the vibe of a particular destination. This aspect will churn exponential growth.
Immunity-Boosting Items
A good immunity can help individuals tackle COVID-19 with ease. Many consumers are switching to immunity-boosting food and beverage items for improving their resistance against further infections. Many well-established players are paying attention on launching immunity-rich food and beverage products. This factor will attract promising revenues.
Strengthening of Home Delivery Mechanisms
Restaurants and food chains were closed for a substantial time during the lockdown period. Thus, home delivery of food products, eatables, and groceries became the new norm. Many people still prefer home delivery due to the fear of not venturing out. Home deliveries will play a crucial role in increasing the growth opportunities across the horizon of the food and beverages sector.
These are the major trends that will influence the growth of the food and beverage industry considerably. Although, the food and beverage sector was exempt from the lockdown restrictions, many cases of supply chain disruptions were observed. With mass vaccination drives and certain relaxations in restrictions, the supply chain disruptions will be minimized extensively.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights to thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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